Bloomberg cover gone too far? - KMSP-TV

Bloomberg cover gone too far?


Magazine covers are meant to sell copies, but an illustration by a Minnesota artist on the cover of the latest Bloomberg Business Week may have gone too far.

Bloomberg is a financial news magazine with global distribution, and if you look closer at the cover, you'll see what seems to be a cash grabbing family portrayed as stereotypical caricatures with the headline, "The Great American Housing Rebound."

However, the actual story has nothing to do with minority home ownership, and that's why Bloomberg Business Week is taking a beating from critics.

The real story is that half of Latino and African American communities have lost half of their wealth in this housing bubble, and it's nothing to joke about.

Scott Gray, the president and CEO of the Minneapolis Urban League says this cover could discourage lending to minorities and perpetuate stereotypes in communities of color.

"If families are feeling if African Americans or Latinos are moving to a neighborhood and bringing property values down, shame on them," he said.

That's a concern for Oscar Bautista and his eight-member family from Mexico. They're renting a one-bedroom apartment in St. Paul, but one day, want a home of their own.

"I feel discouraged because it will affect my family it will bring them down," Bautista said. "It's a bad look for us."

The editor of Bloomberg Business Week issued an apology for the insensitive cover. And the artist, Andres Guzman, who's living in the Twin Cities, only responded to the controversy on his tumblr page saying, "I was asked to make an excited family with large quantities of money."

Cultural misinterpretation or not, critics are still outraged by the cover, concerned the imagery could hinder some minorities, targeted by predatory lenders in the last housing crash, from fully participating in this current housing recovery.

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